Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following is a downside of using a prepaid card?

Prepaid cards provide unlimited purchase protection and insurance.

Prepaid cards always help you build your credit score.

Prepaid cards often have high fees for activation, reloading, or monthly maintenance.

Prepaid cards offer higher interest rates on balances than savings accounts.

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Understand the concept of prepaid cards: Prepaid cards are payment cards that are preloaded with funds and can be used for transactions until the balance is depleted. They are not linked to a bank account and do not function as credit cards.

Analyze the statement about purchase protection and insurance: Prepaid cards typically do not provide unlimited purchase protection and insurance. This feature is more commonly associated with credit cards.

Evaluate the claim about building credit scores: Prepaid cards do not help build credit scores because they do not involve borrowing or repayment activity, which are key factors in credit score calculations.

Examine the fees associated with prepaid cards: Prepaid cards often come with high fees, such as activation fees, reloading fees, and monthly maintenance fees. This is a significant downside compared to other financial tools.

Compare interest rates on balances: Prepaid cards do not offer interest on balances, unlike savings accounts, which typically provide interest to help grow your money over time.